Friday, October 18, 2013

Total US Debt Soars Over $17 Trillion

"Two days ago, when we described the immediate next steps now that the House had passed the latest debt target ceiling extension, we explained what would happen immediately after as follows: "next up, as the emergency Treasury measures are netted out against the new debt limit, it means that once the new Daily Treasury Statement hits, the total US Federal debt will be just at, or over $17 trillion. Rejoice." Moments ago the first post-reopening DTS just hit, and it turns out our estimate was low. Because as of yesterday, the official US debt is now 17,075,590,107,963.57 an increase of $327 billion "overnight.""

"Treasury stole $328 billion from May through October, most of it from Federal worker retirement accounts (TSP holdings) and Social Security/Medicare transfers that should have happened to "make good" while the US stood at the debt ceiling."